Perkins Loans 411 | 05.09.11

Posted in FAFSA, Student Loans By Student Loan Network Staff

Perkins loans are great options for those students who are eligible. They have low interest rates and can be used for both undergraduate and graduate studies. But before you accept the loan, make sure you get all of the facts.

So, here’s what you can expect from a Perkins Loan. These loans are federally funded and only available to the students in highest need. They differ from other federal government loans in that they are dispersed through different lenders. While other federal loans are dispersed through the government, Perkins Loans are the only ones to come directly from your college.

For each year of school, students are allowed to take out up to $4,000 ($8,000 for graduate students). Typically, the loans are dispersed to you in two installments, one for each semester. The funds either get sent directly to you via check or applied directly to your school account.

Learn more about Perkins loans borrowing limits, interest rates and repayment at the StudentLoanNetwork.com.

Unfortunately, not all students will qualify for Perkins loans. So for these students, here are some other options.

Scholarships

One such option is searching for scholarships. While the the payout for scholarships is usually minimal when compared to the time spent applying, any little bit can help. Plus, unlike loans, scholarships never need to be repaid. To make it easy to keep track of scholarships and their deadlines, try keeping a spreadsheet so that you know which you’ve applied to and when to apply next. StudentScholarshipSearch.com is a great resource and makes it easy to help you find relevant scholarships; plus, there are new ones posted daily, because let’s face it, you’re busy enough being students.

Private Student Loans

If scholarships don’t pan out, then consider getting private student loans. While we typically tell students to exhaust all of their federal loan options first, getting a private loan can be a great option to cover the remainder of your expenses. Just like any other big financial decisions, it’s best to shop around before making your final choice, so make sure to compare your loan options as this can be incredibly beneficial.

So if your Perkins loans did not cover enough of your school expenses, then no worries, these other options can really help bridge the gap in your financial aid.


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5 Responses to “Perkins Loans 411”

  1. yomammy says on May 15, 2011 at 1:16 pm:

    I LIKE THIS INFO. IT WAS HELPFUL! THANKS

    Reply To This Comment
  2. ERIC says on May 12, 2011 at 10:49 pm:

    im not interest in loans either. because they bring you to debt. If students are looking for money to pay tuition why get money with money it doesnt make sence

    Reply To This Comment
  3. brad flowers says on May 12, 2011 at 4:37 am:

    Well loans arn’t the route i want to take. Theres nothing worse then being in debt. so i stay away from things i cant afford. but good information

    Reply To This Comment
  4. Lashandra says on May 12, 2011 at 3:06 am:

    THIS WAS A VERY INFORMATIVE BLOG

    Reply To This Comment
  5. chris says on May 11, 2011 at 10:29 am:

    good description of the loan.

    Reply To This Comment

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